农产品每周报告：关注生产地区的天气

Core Point Market Analysis This week's USDA export report said that in the week ended November 13, the US soybean export sales in the current market year increased by 695,600 tons, an increase of 36% from the previous week and a decrease of 35% from theaverage of the previous four weeks. The market estimates a net increase of 600-1.4 million tons. That week, US soybeanexport sales for the next year increased by 0 million tons. The market forecast is a net increase of 0 tons; US soybeanexports shipped 1.5528 million tons. This is a 67% increase from the previous week and a 24% increase from the previousfour-week average; US soybean exportsshipped 1.5528 million tons. This is a 67% increase from the previous week and a24% increase from the average of the previous four weeks. On December 11, Brazil's national commodity supply companyon Thursday lowered its forecast for Brazil's soybean production in 2025/26 by about 550,000 tons to 177.12 million tons, RiskNone Charts Figure1:Average Spot Price of 43% Protein Soybean Meal................................................................................................3Figure2:Front-Month Soybean Meal Futures Closing Price...............................................................................................3Figure3:Sample Enterprises' Soybean Crushing Volume....................................................................................................4Figure4:Sample Enterprises' Soybean Meal Production.....................................................................................................4Figure5:Daily Trading Volume of Soybean Meal at Crushers.............................................................................................4Figure6:Daily Delivery Volume of Soybean Meal at Crushers............................................................................................4Figure7:Crushers' Soybean Meal Inventory.........................................................................................................................4Figure8:China's Monthly Soybean Meal Import Volume....................................................................................................4Figure9:Tianjin Soybean Meal Basis.....................................................................................................................................5Figure10:Guangdong Soybean Meal Basis............................................................................................................................5 Meal market news and important dataIn terms of futures, last weekend's closing soybean meal 2605 contract was 2770 yuan/ton, down 51 yuan/ton, or 1.81% month-on-month; last weekend's closing rapeseed meal 2605 contract was 2347 yuan/ton, down 30 yuan/ton, or 1.26%month-on-month. In terms of spot, the spot price of soybean meal in Tianjin is 3110 yuan/ton, up 40 yuan/tonmonth-on-month, and the spot basis is M05 + 340, up 91 yuan month-on-month; the spot price of soybean meal in Jiangsuis 3060 yuan/ton, up 40 yuan/ton month-on-month, and the spot basis is M05 + 290, up 91 yuan month-on-month; the spot Soybean meal: Internationally, the crop progress report released by the Brazilian National Commodity Supply Companysaid that as of December 5, 2025, the soybean planting progress in Brazil in 2025/26 was 90.30%, up from 86 % a weekago, andalso higher than the five-year average of 89.8%, but lower than 94.1% in the same period last year. The BuenosAires Grain Exchange said that as of Dec 3, 2025, the soybean planting progress in Argentina in 2025/26 reached 44.7% of Domestically, according to Mysteel's agricultural product survey, in the 5th weekof 2025, a total of 292 ships of soybeansfrom all sample oil plants in China will arrive at the port, about 1.898 million tons of soybeans. Among them, 8.5 shipsinEast China and along the river, 7.5 ships in Shandong and Henan, 3.2 ships in North Chinaand Northwest China, 2 shipsin Northeast China, 3.5 ships in Guangxi, 4.5 ships in Guangdong, 0 ships in Fujian, and 0 ships in Yunnan. According tothe survey of the national dynamic full-sample oil plants by Mysteel agricultural products, the actual soybean crush ofdomestic oil plants in the 49th week of 2025 was 2.0558 million tons, which was 145,000 tons less than the actual crush ofthe previous week and 89,800 tons lower than the estimated crush; the actual operating rate was 56.55%. In the 49th weekof 2025, the national soybean inventory of oil plants decreased slightly to 7,155,200 tons, a decrease of 184,400 tons fromthe previous week, a decrease of 2.51%, and a year-on-year increase of 1,684,900 tons, an increase of 30.80%. The Rapeseed meal: In terms of supply: According to Mysteel statistics, as of December 5, the rapeseed crush of coastal oilplants was 0 million tons, the same as the previous period; the output of rapeseed meal of coastal oil plantswas 0 milliontons, the same as the previous period; the delivery volume of